posted October 24, 2017
Data Analytics – A New Era of Auditing
by Brittney Williams, CPA, CGFM, Audit Partner
Artificial Intelligence (AI) is impacting our world in many ways, and the auditing profession is no exception. As a result of the advancements in technology, specifically related to data analytics, auditors are now able to perform audit procedures on entire populations of data in a matter of seconds. Auditing procedures as they have traditionally been performed for decades are shifting in a direction that will provide auditors with the capability to achieve much greater insights into the financial data of an organization. The use of data analytics will provide for more effective use of staff time during site visits and better equips us to provide our clients with additional value added services.
Heinfeld, Meech & Co. has always been committed to being on the forefront of changes to auditing standards and reporting requirements. Our firm has and will continue to invest in the advances of auditing methodologies and have prioritized the use of technology-enabled data analytics. In recent years our firm has utilized data analysis software to achieve more efficient and effective auditing techniques in various audit areas. The firm has recently brought on staff a full-time data analyst position with an advanced degree in Business Analytics. In addition to the expertise of our highly qualified audit team members our on-staff data analyst will assist the auditors through conducting advanced analytical work, management of large volume data sets, and several other procedures to ensure we are providing our clients with the highest level of service possible.
How can our clients better prepare for this new wave of auditing techniques? Be prepared to receive some additional audit requests regarding various reports from the software systems of your organization. These additional audit requests will likely require the assistance from your information technology staff, so we recommend that you share this article with them to keep them current on their changing role in the audit. In addition, these reports and detail data requests are likely to evolve as technological advances continue to be made. As always, we encourage our clients to continue to view the audit as an opportunity to see where improvements can be made within your organization, data analytic procedures will further help achieve this objective.
The content of these pages is for general information purposes only and does not constitute advice. Heinfeld, Meech & Co., P.C. tries to provide content that is true and accurate as of the date of writing; however, we give no assurance or warranty regarding the accuracy, timeliness, or applicability of any of the contents.